Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock325 par value, 70,000 shares authorised, 47.000 share issued and outstanding Paid-in capital in excess of par value, cormon stock Ratained earnings Total stockholders' equity $1,175,000 94,000 399,000 51, 668,000 In year 2017, the following transactions affected its stockholders' equlty accounts Jan 2 purchased 4.700 shares of town stock at $25 cash per share Jan 7 Directors declared a 51.50 per share cash dividend payable on February 28 to the Fabroary stockholders of Ocord, Teb. 25 paid the dividend declared on January July 9 Sold 1.800 or its treasury shares at 530 cash per share Aug 27 od 2.150 of its treatuy share at $20 cash per har Bupt Directors declared a $2 per share cash dividend payable on October 22 to the toptember 23 stockholders of record Oct. 22 Paid the dividend declared on optober DC. 31 closed the $69,000 credit balance (from net income in the income sumary account to Retained ning Required: 1. Prepare joumal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 No Date Debit Credit Jan 02 General Journal Treasury stock, common Cash 117,500 117,500 2 Jan 07 Retained earnings Common dividend payable 63,450 63,450 3 Feb 28 Common dividend payable Cash 63,450 63,450 Jul 09 Cash Paid in capital, treasury stock Retained earnings 5 Aug 27 Cash Paid-in capital treasury stock Retained earnings Treasury stock common Sep 09 Retained earnings Common dividend payable Oct 22 Common dividend payable Cash 6 Sep 09 Retained earnings Common dividend payable Oct 22 Common dividend payable Cash 8 Dec 31 income summary Retained earnings 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 20 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be dedu indicated by a minus sign.) w ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings December 31, 2016 S Add Net income $ Less Cash dividends declared Less. Treasury stock reissuances Retained earnings, December 31, 2017 $ 399,000 69,000 468,000 (2,350) 465,650 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Requires 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017. (Amount should be indicated by a minus sign.) ALEXANDER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Common stock - $25 par value Paid-in capital in excess of par value, common stock Retained earnings Less cost of treasury stock Total stockholders' equity $ 94,000 94,000
